The lifetime distribution of income is more equal than the annual distribution

The lifetime distribution of income is more equal than the annual distribution. This statement is: (Points : 2)

true, because the rich have gotten richer and the poor have gotten poorer.

true, because there is considerable income mobility over time.

false, because people tend to stay in the same income quintile over extended periods of time.

false, because the rich have gotten richer and the poor have gotten poorer.

22.Supporters of offshoring claim that its benefits include: (Points : 2)

increased demand for workers in complementary jobs.

keeping U.S. firms profitable by lowering production costs.

reduced prices for consumers.

all of these.

23.The earnings of highly educated workers: (Points : 2)

rise more slowly than those of less-educated workers.

rise more rapidly than those of less-educated workers.

rise at about the same rate as those of less-educated workers.

stagnate earlier than do those of less-educated workers.

24.The marginal productivity theory of income distribution suggests that : (Points : 2)

government should subsidize the most productive workers through a system of transfer payments.

each individual should receive income based on his contribution to total output.

resource owners should receive income based on the idea of “from each according to his ability, to each according to his wants.”

resource owners should receive income based upon their needs.

25.The demand for airline pilots results from the demand for air travel. This fact is an example of: (Points : 2)

resource substitutability.

rising marginal resource cost.

elasticity of resource demand.

the derived demand for labor.

26.The availability of health insurance tends to: (Points : 2)

decrease the demand for health care and cause an underallocation of resources to the health care industry.

increase the quantity of health care demanded and cause an underallocation of resources to the health care industry.

increase the quantity of health care demanded and cause an overallocation of resources to the health care industry.

decrease the quantity of health care demanded and cause an overallocation of resources to the health care industry.

27.The Gini ratio of income inequality ranges between: (Points : 2)

0 and 10,000.

1 and 10.

1 and +1.

0 and 1.

28.Henry George advocated a single tax on: (Points : 2)

real capital.

entrepreneurial profits.

land.

labor income.

29.The crowding of women and minorities into a restricted number of occupations: (Points : 2)

has no impact on the size of the domestic output or its distribution in the long run.

will increase the size of the domestic output and make its distribution more equal.

will decrease the size of the domestic output and make its distribution less equal.

will increase the size of the domestic output, but make its distribution less equal.

30.Renewable resources: (Points : 2)

can never be exhausted permanently.

can be exhausted if harvest rates exceed replenishment rates for an extended period.

can be exhausted if replenishment rates exceed harvest rates for an extended period.

will tend to be over-harvested when they are private property.

31.The marginal cost-marginal benefit approach to migration suggests that: (Points : 2)

the optimal amount of immigration to the United States is probably zero.

everyone who wishes to come to the United States should be allowed to do so.

a particular level of immigration may be too low or too high.

efforts to reduce the inflow of illegal immigrants should be abandoned.

32.When economists say that health care services are overconsumed, they mean that: (Points : 2)

rich people buy too much health care and poor people buy too little.

some resources now used in the health care industry could produce alternative goods and services that society values more highly.

health care is being purchased in amounts such that marginal benefits exceed marginal costs.

the price of health care is below equilibrium so that quantity demanded exceeds quantity supplied.

33.In the United States, the rate of unionization is: (Points : 2)

higher in mining than in government.

lower in transportation than agriculture.

higher in transportation than in retail trade.

lower in government than in finance, insurance, and real estate.

34.Two of the implications of large U.S. trade deficits for the United States are: (Points : 2)

decreased current consumption and decreased indebtedness to foreigners.

reduced budget deficits and decreased indebtedness to foreigners.

reduced current consumption and higher saving.

increased current consumption and increased indebtedness to foreigners.

35.Statistical discrimination: (Points : 2)

can persist in the long run if differences in average characteristics among groups continue.

will tend to diminish in the long run, because nondiscriminating firms will drive out discriminating firms.

requires that employers have discrimination coefficients greater than zero.

is also known as occupational segregation.

36.Employers will hire more units of a resource if: (Points : 2)

the price of the resource increases.

the productivity of the resource increases.

the price of the good being produced declines.

the price of a complementary resource rises.

37.Collective bargaining agreements usually cover: (Points : 2)

wages and hours.

union status.

seniority and job opportunities.

all of these.

38.The basic argument for income inequality is that: (Points : 2)

the very rich establish consumption patterns that are desirable for the rest of society to emulate.

the rich buy luxury goods that soon become affordable to everyone else because of economies of scale.

income inequality is essential to maintain incentives to produce.

inequality undermines incentives and tends to reduce the size of the national income.

39.The total fertility rate: (Points : 2)

measures the average number of children that a woman is expected to have during her lifetime.

measures the average number of children that each couple is expected to have during their lifetime.

equals the rate of population change over time.

rises as income rises.

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